The retailer’s latest audited accounts for the year to June 30 2024 reveal a business once run through eBay now throwing off more than $100m in annual profit and drawing regulator scrutiny over its timing. A corporate penalty lands even as the company’s valuation is pegged at around $2bn, underscoring how quickly the brand has scaled.
White Fox submitted its audited books after the corporate regulator hit the company with a $187,800 fine for lodging its accounts late. The directors had been gradually releasing performance figures to highlight the strength of the Gen Z-focused women’s fashion brand. That business began as a small reselling operation on eBay and has grown into a digital-first retailer estimated to be worth $2bn.
The FY24 accounts report revenue of $425.5m, which delivered net profit of $104.4m for the year. Profit jumped 133% from the $44.8m recorded in FY23, marking another step-change in earnings.
Operating costs climbed 102.5% over the year, rising to $194.6m from $96.1m, reflecting the heavier spend behind rapid growth. Even with those higher expenses, profit growth still outpaced the cost base, showing stronger efficiency and pricing power.
White Fox now ranks as one of the most profitable players in Australia’s online fashion scene, sitting in a rare bracket for a founder-led, digitally native retailer. The combination of a $2bn valuation, triple-digit profit growth and rising costs captures the tension between aggressive expansion and regulatory oversight.
